More than 1,000 Qianhai enterprises are eligible for official subsidies totaling 110 million yuan (US$15.54 million) for help to get through the novel coronavirus (COVID-19) pandemic, according to 20 measures released April 17 by the Qianhai Cooperation Zone Authority to financially support local enterprises.
The financial aid included in the 20 measures cover office rent reductions, commercial subsidies, talent housing rent exemptions and subsidies for corporate expenses on anti-pandemic materials.
According to the measures, food service businesses, which are among the most affected industries in the pandemic, will receive a subsidy to cover their February and March rent, and have 30 percent of their April to June rent covered by the Qianhai authority. The rent subsidy is capped at 500,000 yuan for each food service provider.
The Qianhai authority will also waive the February and March rent for organizations in State-owned properties in the free trade area. Those which lease non State-owned offices will have up to 70 percent of the February and March rent subsidized by the authority.
Apart from the rent subsidies, Qianhai-registered enterprises are also eligible for other kinds of financial aid, such as commercial subsidies, the talent housing rent exemptions, as well as subsidies on employment and high-tech R&D, totaling up to 5 million yuan per company.
Additional financial supports are also available to Hong Kong-, Macao- and Taiwan-funded companies.
All Qianhai-registered enterprises are eligible for the financial aid as long as they are operating and pay taxes in the free trade area. No thresholds have been set regarding the revenue and the tax payment amount of a company to qualify.
The Qianhai authority is currently working on the sets of instructions to guide eligible enterprises through their applications.
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